Financial Services and Markets Bill - continued        House of Lords

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The power to transfer
     1. - (1) The Treasury may by order provide for any function conferred on the competent authority which is exercisable for the time being by a particular person to be transferred so as to be exercisable by another person.
      (2) An order may be made under this paragraph only if-
    (a) the person from whom the relevant functions are to be transferred has agreed in writing that the order should be made;
    (b) the Treasury are satisfied that the manner in which, or efficiency with which, the functions are discharged would be significantly improved if they were transferred to the transferee; or
    (c) the Treasury are satisfied that it is otherwise in the public interest that the order should be made.
     2. - (1) An order under this Schedule does not affect anything previously done by any person ("the previous authority") in the exercise of functions which are transferred by the order to another person ("the new authority").
      (2) Such an order may, in particular, include provision-
    (a) modifying or excluding any provision of Part VI, IX or XXVI in its application to any such functions;
    (b) for reviews similar to that made, in relation to the Authority, by section 10;
    (c) imposing on the new authority requirements similar to those imposed, in relation to the Authority, by sections 148, 151 and 348;
    (d) as to the giving of guidance by the new authority;
    (e) for the delegation by the new authority of the exercise of functions under Part VI and as to the consequences of delegation;
    (f) for the transfer of any property, rights or liabilities relating to any such functions from the previous authority to the new authority;
    (g) for the carrying on and completion by the new authority of anything in the process of being done by the previous authority when the order takes effect;
    (h) for the substitution of the new authority for the previous authority in any instrument, contract or legal proceedings;
    (i) for the transfer of persons employed by the previous authority to the new authority and as to the terms on which they are to transfer;
    (j) making such amendments to any primary or subordinate legislation (including any provision of, or made under, this Act) as the Treasury consider appropriate in consequence of the transfer of functions effected by the order.
      (3) Nothing in this paragraph is to be taken as restricting the powers conferred by section 417.
     3. If the Treasury have made an order under paragraph 1 ("the transfer order") they may, by a separate order made under this paragraph, make any provision of a kind that could have been included in the transfer order.
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